That's what they call performance based compensation!
Bloomberg News, sent from my Android phone
June 1 (Bloomberg) -- Nomura Holdings Inc., Japan's largest brokerage, raised pay for top executives by 79 percent last fiscal year, even as its earnings and share price plunged.
Chief Executive Officer Kenichi Watanabe and his team received average compensation of 160.8 million yen ($2.1 million) for the year ended March 31, up from 89.9 million yen a year earlier, according to a report to shareholders posted on the Tokyo-based company's website.
Watanabe and Chief Operating Officer Takumi Shibata oversaw a 60 percent decline in net income to 11.6 billion yen for the year. The shares touched the cheapest in at least 37 years in November and Moody's Investors Service cut the firm's credit rating to the lowest investment grade during the period.
The company paid a total of 965 million yen, including base salaries and stock options, to Watanabe and five other executives for the fiscal year, the report shows, without providing individuals' remuneration. The previous year, it paid 10 top managers a total of 899 million yen.
Keiko Sugai, a Tokyo-based spokeswoman for Nomura, confirmed the figures, while declining to comment further.
Nomura pledged last fiscal year to cut $1.2 billion of expenses that swelled after the firm bought bankrupt Lehman Brothers Holdings Inc.'s Asian and European operations in 2008.
To contact the reporter on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net
To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net
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